AHMEDABAD - Gbic.co.in

Under the circumstances I am of the considered opinion that respondent’s action is not just& fair and directed to pay Rs. 3.00 lakh with 9% interest from the date of receipt of thepremium to till the date of refund, within 15 days from the date of receipt of this order,failing of which interest @ 9% will be payable.Dated at BHOPAL, on 29 th of JANUARY 2010.Order No.BPL/LI 10-11/ 91Case No. MAX-200-20/09-09/GurSmt. Preeti Khodre …………….……..ComplainantMax Newyork Life Insurance Co. ……..…RespondentBrief Background – MissaleSmt. Preeti Khodre, resident of Bhopal (M.P.) lodged the complaint that she was insuredunder Policy No. 389277997 and paid Rs. 6000/- towards the first premium in March 2009.She received the policy on 11.05.2009 through her agent. On receipt of the policy documentshe found that policy was not issued as per her requirements, hence she wrote to the companyon 15.05.2009 for cancellation under free look period and refund the premium. Therespondent refuse to refund the amount as the request for cancellation of the policy wasissued after free look period is over. The policy was issued to her on 30.03.2009.Aggrieved from the action of the respondent the complainant lodged the complaint on19.11.2009 seeking the direction to refund the premium with interest.The respondent presented and submitted that they have already made the payment of Rs.9356/- vide cheque no. 687035. Hence the complaint may be dismissed.FINDINGS & CONCLUSIONS:-There is no doubt that the above policy was issued to the complainant and she applied for thecancellation of the policy on 15.05.09. The respondent has submitted that they have settlethe issue by refunding the amount of Rs. 9356, the same has also been confirmed by thecomplainant that she has received the cheque.Under the circumstances it is found that respondent’s action is just & fair, requires nointervention.Hence the complaint is dismissed without any relief.Dated at BHOPAL, on 16 th of FEBRUARY 2010.